The European Union leaders meeting is continuing as I update, well into day 3 of talks.
- The proposed EUR 750b recovery plan is still being negotiated, German Chancellor Merkel has warned they a deal may not be concluded at this meeting.
France and Germany support the plan, but there is still disagreement amongst the 27 leaders. The northern 'frugals' want fewer grants, more ion loans, the southern nations vice versa (that's a simplified version of the disagreements.
The latest split being proposed is grants at 400bn (with loans therefore at 350bn EUR).
EUR/USD is a touch lower than late Friday levels, at around 1.1427, not much change at all really.